Life insurance calculator

Calculate life insurance

Debts

Income

Education

Funeral

Others

How much is your current outstanding debt?

$1,000,000

Coverage amount so far

$ 0

Estimate how many years it will take to pay off debts

0yrs

30yrs

Year(s)

Coverage amount so far

$ 0

Estimate the annual income (or money for an emergency fund) you would like to leave your loved ones

$1,000,000

Coverage amount so far

$ 0

How many years do you want the replacement income or emergency fund to last?

0yrs

25yrs

Year(s)

Coverage amount so far

$ 0

Do you want funds to cover college tuition for children?

Yes

Coverage amount so far

How much do you want to provide for higher education of children?

$1,000,000

Coverage amount so far

$ 0

Estimate how many years until your youngest child will graduate college?

0yrs

25yrs

Year(s)

Coverage amount so far

$ 0

How much do you want spent on your funeral?

$50,000

Coverage amount so far

$ 0

Do you want to leave heirs additional money? Leave money to charity? How much?

$1,000,000

Coverage amount so far

$ 0

How many years until you plan to retire?

0yrs

31yrs

Year(s)

Coverage amount so far

$ 0

How much life insurance do you already have?

$1,000,000

Current Policy in:

Term

Whole

Coverage amount so far

$ 0

Edit details

Startover

Your results

Based on the information you provided, you need a combination of term and life insurance policies.

Term life insurance
(20 years policy)

Whole life insurance

Disclaimer: Your coverage needs may be lower depending on your savings, assets and retirement funds. Your coverage need may be higher if you want to provide funds for your beneficiaries to pay estate taxes. The amount of life insurance coverage you need could be less or more depending on how the surviving spouse chooses to invest the death benefit, and whether the surviving spouse chooses to work. The information in this tool should not be interpreted as legal or financial advice, or as a recommendation to buy or forgo any insurance product.

How to use our life insurance calculator

A life insurance calculator helps you buy the right amount of coverage.

To calculate how much life insurance you need, start by entering the amount of debt you currently have, and then move through each tab entering the requested information.

Although you may have to estimate some of the numbers, try to be as accurate as possible. When in doubt, err on the side of over-estimating. Here are a few statistics that can help:

The average funeral cost is just under $8,000.
The average cost of a college education, tuition alone, is between $9,400 and $37,600 each year for a four-year undergraduate degree.
Out-of-pocket expenses for medical care in the last year of life average $9,530, but can be much higher with a diagnosis of dementia, cancer, or heart disease.

This calculator is designed to help you get a life insurance estimate for the amount of coverage you need; it’s not a life insurance cost calculator. However, once you know how much coverage you need, you can start comparing quotes from various life insurance companies to find the best rate.

How to calculate your life insurance premium

Calculating life insurance premiums isn’t simple. There are a lot of factors that go into how much you pay for life insurance. How much coverage you’re buying is just one of them. Then, there’s the type of policy you choose. If you’re comparing term vs. whole life insurance , you’ll find term life is more affordable. The longer the term, however, the more you’ll pay.

In addition, these factors affect the cost of life insurance:

Age and gender
Health
Family medical history
Lifestyle factors like smoking
Hobbies and occupations that are risky

Armed with a solid understanding of how much coverage you need, you can start shopping around and comparing life insurance quotes to find the best life insurance for your needs.